Morocco’s exports trade experienced a decline in both imports and exports through the end of September, 2023. Imports decreased by 4%, amounting to 530.94 billion MAD, while exports dropped by 1.6% to 315.15 billion MAD, resulting in a 7.2% net reduction in the trade deficit, amounting to 215.78 billion MAD.
The automobile industry continues to lead exports, while phosphate and derivative products have suffered from falling prices after a sharp increase in 2022, according to Morocco’s foreign exchange regulator, the “Office des Changes’” latest bulletin on monthly indicators of international trade.
The decline in imports can be attributed to reduced purchases of energy products, semi-finished goods, and raw materials. Energy costs continued to decrease, down by 20.9% to 91.03 billion MAD due to a 25.1% drop in gas-oil and fuel-oil imports. However, imports of finished consumer goods increased by 12.9%, driven by a surge in automobile components and passenger car imports.
On the export front, the decline primarily affected phosphate and derivative products, along with the aerospace sector. Phosphate exports generated 53.51 billion MAD in revenue, a significant drop of 41.5% mainly due to reduced sales of natural and chemical fertilizers, phosphoric acid, and phosphates.
The aerospace sector also suffered a 4.8% decline in exports, totaling 15.46 billion MAD through the end of September.
In contrast, the textile and leather sectors saw a 7.2% increase in exports, driven by a surge in sales of ready-made clothing and knitwear. The electronics and electrical industries recorded a substantial 30.7% increase in exports, totaling 17.27 billion MAD.
However, the most significant increase occurred in the automotive sector, with exports surging by 33.1% to 103.41 billion MAD. This sector remains Morocco’s top exporter and source of foreign exchange, primarily due to higher sales in the construction, wiring, and interior componentry sub-sectors.
The Moroccan auto industry’s impressive growth continues to be a key impetus for the nation’s export economy, demonstrating its resilience and potential in the global market.